Wired vehicle tracking market to gain hefty proceeds over 2017-2024, favorable government initiatives to drive the industry landscape
Vehicle tracking market, in the recent years, has been traversing along a rather lucrative growth path mainly on the cusp of the technological advancements that have taken the automotive industry by storm. The rising need to monitor vehicle movement and the growing awareness regarding the benefits of vehicle tracking in terms of safety are regarded as the key drivers impelling vehicle tracking industry growth. According to reports, this business sphere has been drawing tremendous remuneration with a growing number of companies investing heavily in vehicle tracking systems to better position their business operations.
U.S. Vehicle Tracking Market, By Vehicle, 2016 & 2024, (USD Million)
Speaking of the commercialization potential of this business space, analysts deem that having drawn close to USD 6 billion in terms of revenue in 2016, global vehicle tracking market, quite undeniably is set to be a profitable growth ground for potential stakeholders. It has also been observed that in tandem with the core industry participants, the automakers and governmental bodies have been joining forces to develop products and simultaneously commence promotional campaigning programs to encourage the masses to adopt vehicle tracking systems.
A very recent instance validating the authenticity of the aforementioned statement is that of the Roads and Transport Authority of Dubai mandating the installation of monitoring devices in all the brand new heavy vehicles that will be entering Dubai roads from the month of August. Reports reveal that the move comes on the heels of RTA’s expansion of its vehicle tracking program that will also include more heavy vehicles weighing 2.5 tons and above. The program further requires all the heavy 20-year-old trucks to have a vehicle tracking device installed to monitor over speeding, traffic accidents, driving in prohibited timing or places, sudden braking, reckless driving and over accelerating.
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Another significant instance depicting the involvement of government bodies in this business space is that of the Maharashtra local government body and Regional Transport Office (RTO) mandating the installation of intelligent transport systems that comprise panic buttons & a vehicle tracking system. According to reliable reports, more than 3.70 lakh existing vehicles will have to install these systems in the state – this would prove highly lucrative for the regional vehicle tracking industry.
It is prudent to mention that the demand for numerous vehicle types has a pivotal role to play in augmenting the revenue graph of vehicle tracking market. Say for instance, heavy-commercial vehicles have lately been gaining massive traction in this business sphere. As per report in fact, vehicle tracking market share from the heavy-commercial vehicles is likely to register a y-o-y growth of 12% over 2017-2024. This robust growth can be credited to the growing demand for passenger & goods transportation coupled with rising consumer interest in tracking fleet performance.
Further elaborating on the product trends, it has been observed that wired vehicle tracking systems are gaining considerable preference over their wireless counterparts. Analysts deem that the major factor contributing to the growth of wired vehicle tracking market is the cost effectiveness of the product over the wireless units. Moreover, perpetual innovations such as enhanced satellite view and mobile tracking have also been primarily fueling the product adoption, leading to vehicle tracking industry gaining renewed traction.
Connected car trends to propel multi-million-dollar opportunities in vehicle tracking market
With driverless and connected cars garnering mass momentum, vehicle tracking market is certain to amass extensive remuneration in the years to come, given that connected technologies are set to transform the way one commutes, interacts, and communicates with automobiles. Authentic sources in fact claim that the number of cars that will be equipped with embedded connectivity will rise by a whopping 300% over the next five years. In essence, the growing importance of security features and other advanced technologies that help reduce road accidents and fatalities are indeed likely to stimulate vehicle tracking industry share. It is estimated that by the end of 2024, the global vehicle tracking market will surpass USD 11 billion with more and more organizations beginning to dabble in this technology, taking advantage of the changing fleet management landscape.
It is prudent to mention that despite the significant initiatives, there has been an ongoing debate regarding the installation of tracking systems. Nonetheless, vehicle tracking market has been expected to gain exceptional proceeds in the ensuing years, specifically due the contribution of regional governments. That apart, the escalating deployment of the product speaks for itself, and is deemed to push this business space to exceptional heights. As per estimates, vehicle tracking market size will increase at a CAGR of 7% over 2017-2024.
Author Name : Ojaswita Kutepatil
India Aerospace & defense market to witness massive gains from rising cybersecurity concerns, Global revenue to surpass USD 23 billion by 2024
One of most profound factors driving the growth of India aerospace & defense market is the extensive number of initiatives undertaken by the Indian government. The government’s decision taken a few years before, for instance, to increase the FDI limit from 26% to 49% in the defense sector, is remnant of the fact that India aerospace & defense market represents a vital sector in the national landscape. The raise in the FDI limit had apparently permitted foreign institutional investors, venture capital organizations, and foreign portfolio investors to make maximum capital investments up to 24% in defense firms thereon. With the ample availability of a highly-skilled workforce and the ‘Make in India’ initiative gaining greater prominence across the country, Indian firms are expected to play a vital role in the aerospace & defense value chain comprising research & development, training, production, quality control, and maintenance, which would further transform India aerospace & defense industry outlook.
India aerospace & defense market size, by air solution, 2016 & 2024 (USD Million)
India procures nearly 70% of its defense supplies via imports, through which the country has earned the tag of being one of the largest importers of aerospace & defense equipment across the globe. The remainder of the 30% of defense equipment is supplied by the private sector, the Ordnance Factory Board (OFB), and the Defense Public Sector Undertakings (DPSU). A substantial number of components for the defense materials are also procured from the overseas. The Indian government has been undertaking tremendous efforts to overcome this drawback through its ‘Make in India’ Program, which may certainly have a remarkable impact on India aerospace & defense market trends in the ensuing years.
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In a recent move that has been anticipated to spur India aerospace & defense industry share, Sika Interplant Systems Limited, a Bangalore-based engineering firm providing services to marine, aerospace, and automotive sectors, has formed a joint venture with a UK-based aviation & aerospace giant, Aerotek Aviation Engineering Limited, in India. The strategic partnership is a part of ‘Make in India’ initiative and will offer services such as production and MRO (maintenance, repair, and overhaul) of landing gears for airplanes and helicopters. A recent unveiling of new aerospace & defense component manufacturing facility by Nucon Aerospace, a key participant across marine, ground & aerospace sector, in Hyderabad is also expected to provide a boost to the ‘Make in India’ program, which would ultimately stimulate India aerospace & defense market size.
Aerospace & defense equipment are extensively used by the Indian military, navy, and the air force. Thus, the large -scale production of aircrafts, communication equipment, helicopters, and missiles in the country have contributed significantly toward augmenting India aerospace & defense market revenue. In addition, the escalating need for increasing the aircraft fleet size with the inclusion of supporting aircrafts such as rescue, emergency & repair, and medic aircrafts have been forecast to impel the business landscape.
Major firms such as Bharat Dynamics Limited, Tata Advanced Systems Limited, Hindustan Aeronautics Limited, Lockheed Martin, BAE Systems AB, and Tata Power Strategic Engineering Division have been attempting to innovate numerous equipment, in a bid to substantially augment India aerospace & defense market share. Aided by substantial government support, India aerospace & defense industry size has been forecast to surpass USD 23 billion by 2024.
Author Name : Dhananjay Punekar
Outsourced customer care services market revenue to cross the 100-billion-dollar milestone by 2024, LATAM to drive the global industry
In a bid to concentrate on their core competencies, renowned firms have been outsourcing their operations. Outsourced Customer Care Services Market is expected to carve a profitable growth graph subject to this very factor. As per statistics, this market is anticipated to cross USD 110 billion by 2024, with a CAGR projection of 6% over 2017-2024. Outsourcing services provides several benefits to the firm, including improved operational flexibility, lowered overhead costs, and an elevated level of assured services. Of late, the demand for mobility services on a multitude of platforms have been increasing, which will further drive outsourced customer care services industry over the years ahead.
Philippines Outsourced Customer Care Services Market Share, By Service, 2016
Outsourced customer care services market is moderately fragmented and involves the presence of numerous SMBs. In order to sustain their business position, companies have been focusing on enhancing their service portfolio. In addition, the tried-and-tested strategy of acquisitions is also a rage in outsourced customer care services industry, which players have been adopting, in order to gain global prominence. For instance, Infosys and Microsoft Corporation had partnered in 2015 to provide the Finacle solutions suite on the Microsoft Azure, the enterprise-grade, cloud computing platform.
Many companies have been exploiting the numerous opportunities offered by outsourced customer care services market to extend their profit margins and meet client requirements. These services help businesses better manage their consumer base and cater to their requirements in a rather efficient manner. Companies of late, have been adopting cloud technology and big data analytics, which will spur outsourced customer care services industry. In addition, the rising technological advancements and varying customer requirements will propel the business trends.
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LATAM outsourced customer care services market is anticipated to carve out a lucrative growth path over the coming seven years. This growth can be credited to the increasing English-speaking population and the growing penetration of the Internet. Besides, the reduction in telecom rates and the presence of highly educated agents will also spur the regional growth. LATAM also has a significantly large Spanish-speaking population, and offers the advantage of bilingual agents. Besides, the geographic proximity to the U.S. is another driving factor that makes the region a popular outsourcing destination, propelling LATAM outsourced customer care services industry.
Outsourced customer care services market can be characterized by increased sales and high revenue, provided the players offer high-grade services such as contact center and managed charging & routing. In order to enhance the overall user experience, companies have been offering multichannel and multitiered technical and business support, in addition to network troubleshooting and other services. Helpdesk services are also provided by companies to improve retention, thereby fueling outsourced customer care services industry.
CRM technology hosting is one of most lucrative service segments of outsourced customer care services market. The demand for low cost services is expected to augment the growth of this service segment over the coming seven years. CRM technology provides flexible solutions for various consumer problems and helps them use the features as they desire. Besides, it has been observed that most firms are reluctant to shift their service offering to multiple channels, which will further spur outsourced customer care services industry share from CRM technology hosting services.
Outsourced customer care services market share from customer interaction is expected to rise significantly over the coming years. This growth can be attributed to the huge demand for quick problem recovery solutions. The primary aim of outsourced customer care services industry providers is consumer satisfaction, which will propel the business demand for customer interaction in the future. Subject to the goal of building and maintaining consumer relationships and fulfilling their demands in a way that they find convenient, outsourced customer care services market from customer interaction will gain a competitive edge over the next few years.
North America is one of the most lucrative business grounds for outsourced customer care services. Pertaining to huge demand for high quality consumer care and the rise in the infrastructural facilities, North America outsourced customer care services industry is anticipated to grow remarkably over 2017-2024. Besides, pertaining to the presence of skilled labor at low costs, companies have been outsourcing their operations to Asian countries such as India and Philippines, which will substantially propel North America outsourced customer care services market. Besides, the high cost of resources in the continent is further stimulating the regional demand. The U.S. is slated to be one of the key revenue contributors.
The competitive landscape of outsourced customer care services industry includes the participation of numerous giants such as Transcom Worldwide, Expert Global Solutions, Convergys Corporation, Aegis, Accenture, StarTek, Synnex Corporation, and Amdocs. While outsourcing services, it is essential to choose the most appropriate vendor. On these grounds, companies execute several testing methodologies to verify if their outsourced service portfolio is being launched with a reliable, well-known vendor. These corporations are being increasingly drawn toward the adoption of cloud computing and host-based services pertaining to their high efficiency and reasonable costs. Players operating in outsourced customer care services market also have to comply with the changing requirements of consumers and must be able to deliver services via multichannel solutions.
Author Name : Saipriya Iyer
Rise in construction activities along with growing concerns about worker safety to boost AWP truck market growth
Growing focus on infrastructure growth coupled with an increase in real-estate investments are predicted to boost the demand for aerial work platform trucks. Furthermore, the rising need for material handing in factories as well as in production activities is expected to boost the industry trends over the coming years. According to Global Market Insights Inc., “Aerial Work Platform (AWP) Truck Market share worth USD 2.4 billion in 2015, is estimated to reach USD 11 billion mark by 2024, growing at a CAGR of 18.5% over the period of 2016-2024.” Modernization in electrically propelled elevating platforms to fulfill emission norms and address the ecological concerns is expected to benefit the market in future. AWP trucks are predicted to find their use in various industries owing to its safety features, maneuverability, and ease of handling features.
China Aerial Work Platform Truck Market size, by product, 2013-2024 (USD Million)
The rising installations of power cables and transformer & street light maintenance is predicted to boost the market trends over the coming years. Large scale use of AWP trucks in mining & construction activities due to the high risks involved in the work is predicted to benefit the market. The rapid growth of telecommunications industry due to the growing number of smartphone users will fuel AWP truck demand. These vehicles find their use in event management activities such as organization of corporate events, conventions, conferences, festivals, formal parties, and concerts. They are also used in disaster management operations as well as defense activities.
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AWP truck applications in the construction industry is predicted to be worth USD 4 billion by 2024 owing to big construction projects along with heavy infrastructural growth. Logistics & Transportation industry is also predicted to witness high market penetration over the coming years, with vehicle applications worth USD 550 million in 2015.
Asia Pacific AWP truck market is forecast to record a CAGR of 18.7% over the period of 2016-2024 due to the growing number of mobile phone users coupled with the requirement of good telecommunication infrastructure.
North America AWP truck market size is anticipated to witness a substantial growth over the forecast timeline. U.S. market is predicted to contribute noticeably towards the regional growth due to high capital investments along with an increase in the renovation work activities in the country.
Driven by various applications in the construction, telecommunications, and transport & logistics industry, AWP truck is deployed in the form of vertical mast lifts, boom lifts, personal portable lifts, and scissor lifts.
Scissor lifts AWP truck market is predicted to grow at a CAGR of 18.3% over the period of 2016-2024 owing to its increasing demand in various applications requiring direct overhead access. Boom lifts AWP truck market contributed over 35% of the global industry share in 2015 and is expected to dominate the industry over the forecast period. Rising use of the vehicles to enable entry in blocked areas is projected to boost the industry demand.
Key industry players include Terex Corporation, Haulotte, Ruthmann, Aichi Corporation, Tadano Limited, CTE, Shen Yang North Traffic Heavy Industry, Hunan Runshare, Time Benelux, and Teupen.
Author Name : Dhananjay Punekar